PAG to acquire Food Union Europe, becoming the majority shareholder

  • 2024-01-11

PAG Private Equity, a leading global alternative investment firm, has agreed to acquire a majority controlling interest in Food Union Europe, a leading provider of ice cream and other frozen treats to consumers in six European countries. The transaction, pending final regulatory approval, was executed through the acquisition of equity from the founder and other private stakeholders. Specific financial details are not being disclosed.

“PAG Private Equity has been invested in Food Union Europe since February 2017. We believe strongly in the company’s unrivaled market position across its core markets in Latvia, Estonia, Lithuania, Denmark, Norway and Romania. We look forward to working with the existing management to support Food Union’s continued growth and expansion,” said Lincoln Pan, Partner and Co-Head of Private Equity at PAG. 

After the transaction and regulatory approval, which is expected in Q1 2024, full operational control over dairy and ice cream production and direct-to-consumer distribution enterprises in Europe will pass to PAG, an existing stakeholder and Board Member of Food Union Europe entities. These operations include brands in Latvia (Rīgas piena kombināts, Valmieras piens and Premia FFL), Estonia (Premia TKH), Lithuania (Premia KPC), Denmark (Premier Is, Hjem Is and Frast), Norway (Isbjorn Is and Den Norske Isbilen) and Romania (Alpin57Lux). 

Arturs Cirjevskis, CEO of Food Union Group in Europe, and the previous general managers of the group companies will continue to manage Food Union Europe. Food Union Europe will continue to operate under its existing corporate name and business structure. 

“Food Union today is a strong, resilient, and well-positioned player in regions where further growth is anticipated. This is attributed to historically developed and robust product brands and the company's focus on product innovation. With ongoing and upcoming investments in manufacturing technologies, automation, and operational excellence in general, we anticipate further strengthening in domestic markets and exports in the coming years,” said Arturs Cirjevskis, CEO of Food Union Group in Europe.

PAG Private Equity is an active investor in the food industry, especially in frozen food. Recent transactions include the acquisition of two leading Australian companies in the food and consumer sector – Patties, a well-known provider of savoury snack, appetiser, meal and dessert brands, and Vesco, a producer of high quality frozen foods in Australia and New Zealand. These acquisitions add to the existing PAG consumer product portfolio, which also includes retail franchises (Craveable Brands), chicken processing and production companies (The Cordina Group and Shandong Fengxiang Co. Ltd.) and dairy producers (Youran Dairy).


PAG is a leading global investment firm focused on Asia-Pacific with three core strategies: Credit & Markets, Private Equity, and Real Assets. PAG manages capital on behalf of nearly 300 institutional fund investors, including some of the most sophisticated global asset allocators. PAG has more than 300 investment professionals in 15 key offices, and approximately USD55 billion in assets under management. For more information, please visit


Food Union Europe is a leading, innovative consumer goods company that develops local brands and delivers delightful products primarily in Europe. Food Union is currently the leading ice cream producer in the Baltics and Denmark, and the group holds a strong market position in Norway and Romania. Food Union is a market leader in fresh dairy in Latvia and holds strong positions in several dairy categories in the Baltics.